What must be done in drafting an estate plan?
1. Get a life insurance
Getting a life insurance means securing the health of the individual and his or her immediate family. Even if a young professional isn’t married or has children, it is best to consider future dependents when shopping for a plan. Some life insurance plans cover spouses and children in a span of 20 to 30 years.
Many technicalities are involved in preparing a will. Before signing a will, consult people who will serve as the executor. Once these details are set, an attorney may help draft the document. In doing this, one must be sure that the other people involved are trustworthy even in the years to come.
3. Durable power of attorney for finances and health care
Health and wealth decisions can only be duly executed with the help of an agent that is named in case of emergencies. Early on, name an agent that could be a family member, a trusted friend, or a lawyer to make decisions on the individual’s behalf knowing that these people will carry out what he or she wants in dire situations.